IREDA eyes Rs. 2,749 cr revenue

New Delhi: State-run Indian Renewable Energy Development Agency Ltd (IREDA) is eyeing Rs 2,749 crore revenue from operations in the ongoing financial year.

IREDA has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), setting an annual performance target for the year 2021-22, an MNRE statement said. The MOU was signed by Indu Shekhar Chaturvedi, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA on Tuesday.

The government has set a target of Rs 2,749 crore revenue from operation under the 'Excellent' rating along with various performance-related key parameters such as return on net worth, NPA to total loans, asset turnover ratio and earnings per share etc, it stated. In FY 2020-21, IREDA was rated 'Excellent' with a score of 96.93.

The company as on date, has financed more than 2,900 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1,08,606 crore and Rs 69,951 crore respectively.

It has supported green power capacity addition of 19,463 MW in the country. With additional equity infusion of Rs 1,500 crore by the government, IREDA is poised for exponential growth in coming years in the renewable energy sector, it stated.

The IREDA would be able to extend an additional loan facility of Rs 12,000 crores (approx.) and contribute more to the government targets for renewable energy. Post equity infusion of Rs 1,500 crore, IREDA is also planning to come out with an Initial Public Offering (IPO) to meet its further requirement of capital.